Telecoms group Etisalat has terminated a management
agreement with its Nigerian arm and given the business time to phase out
the Etisalat brand in Nigeria, the chief executive of Etisalat
International told Reuters on Monday.
Nigerian
regulators intervened last week to save Etisalat Nigeria from collapse
after talks with its lenders to renegotiate a $1.2 billion loan failed.
Etisalat,
with a 45 percent stake in the Nigerian business, said in June it had
been ordered to transfer its shares to a loan trustee after the talks
had failed.
CEO of
Etisalat International Hatem Dowidar said all UAE shareholders of
Etisalat Nigeria, including state-owned investment fund Mubadala, had
exited the company and left the board and management.
He
said in an interview with Reuters discussions were ongoing with
Etisalat Nigeria to provide technical support, adding that it could
continue to use the brand for another three-weeks before phasing it out.
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